Theglobal methylmethacrylate market size is projected to reach USD 23.45 million bythe end of 2027. The increasing applications of the product across diverseindustry verticals will emerge in favor of market growth. According to a reportpublished by Fortune Business Insights, titled “Methyl Methacrylate (MMA) Market Size,Share & COVID-19 Impact Analysis, By Application (Chemical Intermediate,Surface Coatings, Emulsion Polymer), By End-Use (Building & Construction,Automotive, Electronics, Paints & Coatings, and Others), and RegionalForecast, 2020-2027,” the market was worth USD 12.57 million in2019 and will exhibit a CAGR of 8% during the forecast period, 2020-2027.
Covid-19 Pandemic hasHalted Construction Activities, Subsequently Affecting Manufacturers in thisSector
Therecent coronavirus outbreak has created a sense of urgency across the world.Accounting to the severity and rapid spread of the disease, several efforts arebeing taken to minimize the spread. The strict social distancing practices andlockdowns imposed by governments across the world have affected building andconstruction as well as manufacturing activities. This, in turn, has had anadverse effect on the growth of the methyl methacrylate market.
Methyl methacrylate are chemical polymers that are used as raw materials forapplications across numerous industry verticals. The product is mostly used inmanufacturing units across diverse industry domains across the world. Thisproduct is mainly used in manufacturing of widely used thermoplastics such asABS, PVC, and acrylics. The product also finds applications in steel and isused as a bonding material in stainless steel and aluminium.
Theincreasing applications of methyl methacrylate in numerous industrial uses willlead to a huge emphasis on the research and development of the product; afactor that will ultimately affect the growth of the overall market in apositive manner. Subsequently, growing investments will encourage newer marketentrants in the coming years. Technological advances have certainly played ahuge factor in the growth of the market in recent years and the relentlessadvances will continue to influence the growth of the overall methylmethacrylate market in the coming years.
Increasing Number of Company Mergers and Collaborations will AidGrowth
Thereport encompasses several factors that have contributed to the growth of themarket in recent years. Among all factors, the increasing number of companycollaborations and mergers, aimed at development of efficient products, hasmade the highest impact on market growth.
Dueto the rising demand for methyl methacrylate across the world driven byincreasing applications, several large scale companies are looking to adoptstandout strategies that will help them acquire a wider consumer base, even ina highly competitive market. It is observed that company collaborations are anincreasing trend in the global market. In April 2018, SABIC Mitsubishi ChemicalCorporation announced that they have formed a joint venture with SAMAC. Thiscollaboration is aimed at the development of new facilities for PMMA and MMA atJubail plants.
North America Likely toEmerge Dominant; Rising use of PMMA in Construction Activities Will Aid Growth
Thereport analyses the latest market trends across five major regions, includingNorth America, Latin America, Europe, Asia Pacific, and the Middle East andAfrica. Among all regions, the market in North America is projected to emergedominant in the coming years. The increasing use of PMMA in construction andbuilding activities, especially in the United States, will aid the growth ofthe regional market.
Theregional market is slightly consolidated in nature. The increasing investmentin the research and development of passenger cars will lead to a wider productadoption. As of 2019, the market in North America was worth 2.11 billion andthis value is projected to rise considerably in the coming years. Themarket in Asia Pacific has the potential to account for the largest share by2027, due to the massive automotive industry in countries such as India and China.Moreover, government subsidies associated with the use of electric cars willalso aid the growth of the market in this region.
Browse Summary of this Research with TOC:
https://www.fortunebusinessinsights.com/methyl-methacrylate-mma-market-103295
